Thai Undervalued based on future growth

Muangthai Capital

Market Cap: ฿59.9b

Engages in the credit business in Thailand.

Bangchak Corporation

Market Cap: ฿57.3b

Engages in the refining and marketing of petroleum products in Thailand, Singapore, Norway, Korea, Laos, and internationally.

Tidlor Holdings

Market Cap: ฿42.6b

Provides loans and insurance brokerage services in Thailand.

Banpu Power

Market Cap: ฿37.8b

Engages in the generation and distribution of thermal and renewable power in Thailand, Laos, China, Japan, Vietnam, Indonesia, Australia, and the United States.

Star Petroleum Refining

Market Cap: ฿29.7b

Engages in refinery and petroleum product distribution in Thailand and internationally.

AP (Thailand)

Market Cap: ฿26.0b

Engages in the provision of real estate development business in Thailand.

Thai Credit Bank

Market Cap: ฿20.9b

Provides financial services to micro, small, and medium-sized enterprises in Thailand.

BCPG

Market Cap: ฿18.9b

A renewable energy company, engages in the solar power, hydropower, wind power, and natural gas businesses in Thailand, Japan, Laos, and Taiwan.

LH Hotel Leasehold Real Estate Investment Trust

Market Cap: ฿13.0b

Operates as a real estate investment trust in Thailand.

North East Rubber

Market Cap: ฿8.8b

Manufactures and sells rubber products in Thailand.

Asian Alliance International

Market Cap: ฿7.2b

Produces and sells pet food and ready-to-eat human food products in Thailand, the United States, the United Kingdom, Saudi Arabia, Japan, Italy, Germany, and internationally.

Medeze Group

Market Cap: ฿6.5b

Engages in collection and storage of stem cells for use in medication in Thailand, Vietnam, Cambodia, Philippines, and internationally.

Assetwise

Market Cap: ฿6.5b

Engages in property development and other real estate activities in Thailand.

P.S.P. Specialties

Market Cap: ฿6.0b

Manufactures and sells lubricant and grease oils in Thailand.

Thai Union Feedmill

Market Cap: ฿6.0b

Manufactures and distributes animal feeds in Thailand, Sri Lanka, Pakistan, Indonesia, and internationally.

BBGI

Market Cap: ฿5.8b

Manufactures and distributes biofuel and related products in Thailand.

Asia Sermkij Leasing

Market Cap: ฿5.7b

Engages in the provision of auto hire purchase services in Thailand.

Pinthong Industrial Park

Market Cap: ฿4.9b

Engages in the industrial real estate projects development and building rental activities in Thailand.

AAPICO Hitech

Market Cap: ฿4.3b

Engages in the manufacture and distribution of automobile parts, dies, and jigs in Thailand, China, Malaysia, and Portugal.

Origin Property

Market Cap: ฿4.3b

Engages in property development in Thailand.

Ngernturbo

Market Cap: ฿3.8b

Provides financial services in Thailand.

Thai Eastern Group Holdings

Market Cap: ฿3.4b

Engages in the rubber, crude palm oil, renewable energy and organic waste management, and logistics businesses in Thailand and internationally.

Master Style

Market Cap: ฿2.5b

Operates a cosmetic surgery hospital under the Masterpiece Hospital name in Thailand.

Thai Wah

Market Cap: ฿2.4b

Manufactures and distributes vermicelli, tapioca starch, and other food and agricultural products in Thailand, Vietnam, China, Cambodia, Indonesia, and India.

Malee Group

Market Cap: ฿2.2b

Manufactures and distributes fruit juices, canned fruit, milk and cereal drink, and non-alcohol beverage products in Thailand and internationally.

Internet Thailand

Market Cap: ฿2.1b

Provides information and communication technology (ICT) infrastructure services primarily in Thailand.

Susco

Market Cap: ฿1.9b

Engages in the wholesale and retail of fuel products in Thailand, Cambodia, Myanmar, Laos, and China.

Laundry You

Market Cap: ฿1.8b

Operates and franchises coin-operated laundry shops under the WashXpress brand name in Thailand.

nForce Secure

Market Cap: ฿1.2b

Operates as a specialty distributor of IT security, information management, network solutions, and cloud security in Thailand.